Mutual fund family ownership and stock return: evidence from Chinese stock open-end funds
In this paper,with the sample data of each semi-annual stock open-end funds from 2008 to 2015 in China,we use multiple linear regression method to study the impact on the stock returns held by mutual fund family common shares.The empirical results show that the deeper fund family common shareholding ratio is,the lower the return on stock is.The lager family common shares width is,the lower stock returns are.The explanation given in this paper is that large depth and width of funds common shareholding means high degree of aggregation of fund family holdings,the private information will be less,meaning high market transparency,stock uncertain information then will be less,compensation for stock returns certainly shrinks,stock returns are then lower.
Stock open-end funds fund family common shares stock return
Linglin Zhu Yucan Liu
School of Economic& Management,Nanjing University of Science& Technology
国际会议
上海
英文
975-981
2017-10-21（万方平台首次上网日期，不代表论文的发表时间）